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<br />3 <br /> <br />consummation of the transactions contemplated therein and the fulfillment of the terms thereof <br />will not, conflict with or constitute on the part of the City a breach of or default under any existing: <br />(i) agreement or instrument to which the City is a party or by which it may be bound; or (ii) <br />legislative act, constitution or other proceeding establishing or relating to the establishment of the <br />City or its officers or its resolutions. <br />4. There is not pending, nor to the best of the City's knowledge is there threatened, <br />any suit, action or proceeding against the City before any court, arbitrator, administrative agency <br />or governmental authority that materially and adversely affects the validity of any of the <br />transactions contemplated thereby, the ability of the City to perform its obligations hereunder, or <br />the validity of this Agreement. <br />5. No member of the City Council nor other officer of the City has either a direct or <br />indirect financial interest in this Agreement, nor will any member of the City Council or officer <br />of the City benefit financially from this Agreement within the meaning of Minnesota Statutes, <br />Sections 412.311 and 471.87. <br />REPRESENTATIONS BY OWNER <br /> <br />6. Owner represents and warrants that it is a registered corporation organized and in <br />good standing under the laws of the State, and is not in violation of its respective articles of <br />organization, other organizational documents or the laws of this State. The company has the power <br />to enter into this Agreement and has duly authorized the execution, delivery and performance of <br />this Agreement by proper action of its officers. <br />7. Owner represents and warrants that to the best of its knowledge the Property will <br />comply with all County, Metropolitan Council, State and Federal laws and regulations, including but